Changes in Guernsey’s Insolvency Law have been approved by the island’s government, the States of Guernsey.

Amendments to the island’s 2008 Companies (Guernsey) Law will make Guernsey an even more desirable forum for insolvency proceedings, according to Guernsey lawyer Alex Horsbrugh-Porter, counsel at law firm Ogier.

“The new legislation is set to modernise Guernsey insolvency law, bringing the jurisdiction into line with not only the UK, but other offshore jurisdictions such as the British Virgin Islands and the Cayman Islands,” he said.

The changes will affect all new liquidations and administrati...